layoff Archives - Origin Story

Bank Bonuses: An Easy Way to Make Money

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The current recessionary environment is tough, but bank bonuses are a LEGAL and EASY way to make $1000’s of extra money. All you need is a decent amount of liquid savings money, and possibly a direct deposit setup from an employer OR unemployment insurance.

You may have been laid off. You may be having to stretch your budget to keep up with inflation and meet your family’s needs. Bank bonuses can help supplement your monthly income. They’re not a get-rich quick scheme. You can even participate in multiple bank bonus programs at once!

Bank account bonuses are cash bonuses that you can earn when opening a new checking or savings account and meet certain qualifications, like spending, minimum deposits etc.

Qualifying Factors

Different banks have different qualifications or requirements.

Some of the most common qualifications are:

Setting up a direct deposit from an institution, such as an employer, unemployment or social security.
Depositing and maintaining a minimum amount of outside money, such as $1000 from another checking account.
Spending a certain amount on your new bank’s debit card.
Making a minimum amount of bill payments from the account.

Restrictions:

Eligible only to business owners (for business banking)
Eligible only to certain groups (teachers, religious faiths, etc.)
Restricted by state (check the list of states on the offer)
Time milestones and deadlines

How to Find Bank Bonus Offers

Instead of searching for individual bank websites, it’s best to visit a personal finance site that posts a bank bonus offer list each month.

Here are a few bank bonus offer sites to start you out!

Deciding Which Bank Bonuses to Apply For

Your qualifications may limit which bank sign up bonus you are eligible for. For instance, how much liquid money do you have?

You may be trying to maximize your money. It’s important to read the small print: Different opening deposit amounts may result in a different bonus amount. Bank bonus offers commonly have earning tiers listed on the offer signup page.

Account Maintenance / Check-Ins

You’re not done yet! Once you’ve signed up for an offer, it’s important that you call or email your bank to certify that you’ve successfully completed qualifying activities.

Also, make sure you’re maintaining the minimum balance, so you do not incur monthly service fees.

Missing a Deadline or Qualification

Did you miss a qualifying activity or deadline? Not to worry. You can always contact your bank’s customer support center and request an appeal. The bank ultimately wants your money to fill their coffers, so they can be persuaded to pay out the bonus anyway. You might be surprised.

Frequently Asked Questions

Do I have to keep my new bank account once I’ve opened it?

Absolutely not! You can close it any time you want. However, you will want to keep it open at least long enough to earn your bonus. Check the bonus accrual time.

Can I keep my existing bank accounts open?

Yes, I’ve personally never seen an offer that requires you to shut down other bank accounts to sign up.

Is there a limit to how many accounts I can open?

No. However, if you open too many at one time, it may have an effect on your ability to open other accounts. My advice, stick to 3 accounts.

Are bank account bonuses taxed?

Yes, they are taxed as ordinary income, via a 1099-INT form (at least in the United States).

In a high interest rate environment, switching can earn you significantly more money, via a higher APR!

What are some other positives of opening a new account?

We hope that these tips bring you in some extra income to empower your lifestyle!

If you found this article interesting, also check out “How to Maximize your Job Search“

Landing Your First Job with Adrian Pinon

In this Origin Story session, I speak with Adrian Pinon, a first generation college grad who took an unlikely path of self-promotion to his first job: Visiting tech company HQs around California with his message on a sign, garnering attention from ABC News, CBS News and other outlets. By doing this, Adrian proved himself to be a master marketer.

We talk through the journey Adrian took to land his first job out of university: Not knowing about college until late in life, overcoming naysayers, and learning how to market himself. Adrian even founded his own events app before graduation!

**Words of wisdom:**
• A closed mouth does not get fed.
• Talk to a person. Don’t let applicant tracking systems hold you back.
• Attend that networking event. You could randomly meet a lifelong connection.

**Check out Adrian on social media!**
Instagram: @pinonxo
TikTok: @pinonxo
LinkedIn: https://www.linkedin.com/in/adrianpinon

Like this session? Watch Growing Up First Generation with Jesse Meza!

Apply for Jobs Easily with ChatGPT AI

ChatGPT is all the rage! What is it good for?

ChatGPT is an artificial intelligence powered chatbot launched in November 2022. The chatbot can take the questions you enter and provide articulate responses based on its language learning model.

One unexplored use of the chatbot is its ability to intake job descriptions and custom author cover letters and resumes to fit them.

Try it out now! Go to https://chat.openai.com

NOTE: ChatGPT is not a substitute for real human creativity. It’s important that you review and embellish ChatGPT-created documents with your own achievements, accurate descriptions, and context about the companies you’re applying for.

Get tips to improve your resume

Copy the inside text of your resume.
Go to ChatGPT, type “How can I improve my resume, attached below?”, and paste the text of your resume. Press enter.
ChatGPT will give you bulleted tips on how to rearrange and make your resume more efficient.

Write resume achievements and customize your resume to job descriptions

Copy the responsibilities and paste them into ChatGPT. Enter this prompt: “Write resume achievements with metrics based on these job responsibilities.”
The platform will output your results!
Copy the output and, one at a time, paste them into your resume as achievements.
Go through the output manually to check for grammar, punctuation or errors, and remove any discrepancies you see.

Create a professional summary and/or “About” section for your LinkedIn profile

Paste your resume into ChatGPT.
For the prompt, say: “Write a professional summary using my resume.”
When you get your result, click “Try again” to generate two more versions.
Copy and paste those into Google Docs, so you you can compare all 3 versions.
Pick your favorite version and paste it into your resume. If you’re using it for the “About” section of your LinkedIn profile, paste it there.

Create a customized cover letter

Copy the text from your resume and paste it into ChatGPT.
Go to the job description for this role. Copy and paste the requirements and responsibilities into the chat window alongside your resume.
In the chat window, write “Write a cover letter using my resume and a job description.”
Make sure to edit in Google Docs to add the human elements AI can’t create: Why you’re passionate about the job / industry, how your experience relates to the job, and personal touches like mutual interests with the hiring manager (research their LinkedIn profile), industry people you know, etc.

Want more help with your resume and interviews?

I hope that this article helps make your job application process much quicker and more efficient.

Have more questions about what you can do with ChatGPT?

Feel free to reach out to me on LinkedIn.

Need more tips on job searching more effectively? Learn more in “How to Maximize Your Job Search“

Are you fresh out of college and looking for work? Check out “New Graduates: How to Get a Job Post-Crisis“

What to Do After a Layoff!

So it finally happened – You’ve been laid off from work! Maybe you saw it coming, maybe you didn’t. The first day after a layoff is crucial. You may feel exhausted or depressed. That’s completely valid. However, it’s time to get moving!

Did you know you can appeal a Separation Agreement WITHOUT paying a lawyer?

I’ll explain how later in the article.

By the way: Now that you’re job searching, why not check out some unconventional tips in our article, “How to Maximize Your Job Search“?

DISCLAIMER: This is not intended to be legal advice. I am not an attorney. Use at your own risk. Opinions expressed herein do not represent those of my employer or any associated groups.

Review Your Separation Agreement

For now, don’t panic! The first thing you want to do is review the Separation Agreement / Severance Package that HR sent you. Make a note of any lines that sound sketchy or wrong. Browse the lines for a deadline date to respond to the agreement.

File for Unemployment

After this, get on the phone with unemployment. Let them know that you just lost your job, and that you intend to file for unemployment. Calling right away will ensure you don’t lose money by filing late. The agent may ask if you are receiving severance pay or vacation/holiday pay. It’s important to be honest about this, as not to delay your unemployment package. Once you file in most states, you’ll have to take one unpaid waiting week before receiving benefits.

Don’t stop there! Contact your local aid office to ask about low-cost health care and food stamps. You may be eligible, based on your compensation package and savings. EBT / Food stamps have an unnecessary stigma around them. They can save you a lot of money on groceries.

Lastly, review your Separation Agreement to ensure it states your reason for termination as a layoff or reduction in staff. If it does not, your unemployment might be contested. In the latter case, you’ll want to ask the employer to change that reason, and if they push back, hire a lawyer.

Call Separation Lawyers for a Free Consult

Why would you sign on a lawyer if they’re so expensive? You don’t need to. However, lawyers have plenty of valuable advice to give. Visit your state’s Bar Association website, where you can search for a lawyer specializing in Employment Law.

Once you’ve found a lawyer, call their number and ask if they do free consultations. Once you find one who agrees to, set up a 15 minute consultation.

In that consultation, give what you feel are TOO MANY details. The object of this is for the lawyer to answer many of your questions before you commit to signing them on. Be sure to let them know it’s layoff. You’d be surprised how much relevant advice they’ll give you if you provide enough information. If you decide to sign them on later, you’ll already have a good sample of what they can do.

Look into Health Insurance Options

Health insurance is the most obnoxious thing about layoffs. From day 1 of the layoff, you want to get all of your medical, optical and dental appointments set to times/dates before the insurance expires. After the cutoff date, you will no longer be able to use your health insurance. However, you’ll usually be offered to extend your coverage (COBRA) after your employment, but the employer doesn’t pay their portion, ultimately making it quite expensive for you.

The good news is, there are now some affordable services out there for those without insurance. For medical, check out a free clinic in your town. For dental, there are monthly membership services out there like Alligator Dental that give sizable discounts on dental care. Here are some great options via U.S. local health departments, Medicare/Medicaid and dental schools. Lastly, EyeCare America offers no-cost eye exams.

Don’t Lose Money! Check your 401K / Retirement Plan!

Do you have a balance lower than $5000 in your retirement plan? You may be subject to an automatic cash-out. This is not a joke, especially with recessionary economic conditions. As surreal as it sounds, many employers have this baked into their agreements. The minimum balance varies by company, so check your Employment Agreement. If you can’t find it there, email your HR directly and ask.

Call your 401K provider and ask what your options are. If your balance exceeds the minimum, you may be fine. If not, you may be able to put your remaining balance into a rollover account at another existing investment company you work with.

Draft Response Email to Separation Agreement

Have you spoken to a lawyer? Great! If you have a basic Separation Agreement, you probably don’t need to retain them. Writing an appeal to your HR representative is easier than it sounds. What’s important is that you know what you can ask for.

Here’s a list of common pushbacks on severance packages:

Push back deadline date
Increased compensation
Pay out vacation / holiday pay
Extended health coverage
Outplacement services
Good reference or neutral reference

If you aren’t sure how to structure the email, here’s a good template.

Sample email response template:

“Hello YOUR HR PERSON’S NAME,

After having spoken with an attorney, I would like to appeal my Separation Agreement and General Release (the “Agreement”), following my termination from YOUR COMPANY on DATE/MONTH/YEAR.

My reasons and grievances for appealing the termination are as follows:

1. ____________________________________________ State your reasons and grievances.

I would like to request the following amendments to the Agreement prior to signing, which I find to be reasonable requests:

1. Inclusion of extension of Agreement deadline date to DATE/MONTH/YEAR.

2. Inclusion of a copy of any supporting documents or written notice of performance provided to my personal email (YOUREMAIL@YOUREMAILPROVIDER.COM).

3. Inclusion of an increase to ____ additional weeks severance pay, paid in a total lump sum, written into the Agreement.

4. Inclusion of employer payment of COBRA medical, dental and vision coverage until DATE/MONTH/YEAR. If this is not possible, I am requesting that my termination date to be officially pushed back (unpaid leave of absence) to DATE/MONTH/YEAR and my medical, dental and vision insurance employer portion to be paid until that date.

5. Inclusion of clause stating that YOUR COMPANY will provide an outplacement assistance service to me, YOUR FIRST AND LAST NAME, of my choosing, written into the Agreement.

6. Inclusion of a “neutral reference check” clause in the Agreement.

May I also please ask how I would go about obtaining a copy of my Personnel File and Departmental File?

Please let me know if all of the above requests can be satisfied, and confirm receipt.

Please respond with an updated Agreement by DATE/MONTH/YEAR, at TIME AND TIME ZONE latest.

I look forward to an amicable resolution.

Thank you.

YOUR FIRST AND LAST NAME

Employer Pushes Back? Hire a Lawyer.

If the employer pushes back, your only real option is to hire a lawyer.

That’s okay! Shop around for a lawyer, such as on your state Bar Association’s website.

A layoff can be tough, but doesn’t have to be!

You’ve got this. Wishing you great luck in your job search (or entrepreneurial venture).